Hampton, Va. - Hampton University is one of four institutions recently awarded the Minority Retirement and Security grant. HU received a total funding of $118,148 that is renewable for 5 years. This is a first time grant offering administered by the U.S. Department of Education and funded by the Social Security Administration.
The grant, which was awarded to the HU School of Business, focuses on the promotion of financial literacy research and workshops in primarily low-income African-American communities. The three areas of personal financial management concern are financial literacy, financial decision-making, and retirement security.
"Smart money management and sound financial planning are critical to our well-being as individuals and as a nation," said U.S. Secretary of Education Arne Duncan. "These grants will help improve strategies to provide greater retirement security for minority and low-income communities."
The program develops minority graduate students to become researchers and community facilitators in financial education. Grantees will use their funds to provide stipends to the graduate students in various social science disciplines who will be conducting the research as part of their studies. The body of work developed by the students will be used in a variety of ways to help the public, ranging from partnerships with organizations that provide outreach to the community, presentations at conferences, and development of financial decision-making tools that educate the public and facilitate change.
This grant was submitted by three faculty members. Dr. Ziette Hayes, assistant professor of business administration, is the program director and Co-PI of the grant and will oversee all aspects of the grant; Dr. Ruby Beale, professor and chair of the Department of Business Administration, is a faculty research mentor and Co-PI of the grant and will oversee all research activities of the grant, and Dr. Sylvia Rose, assistant professor of finance, who teaches personal finance education classes, will serve as community workshops/facilitator director.
“This project extends beyond simply delivering financial literacy; it includes a significant scholarly research component that can yield to longitudinal results,” said Hayes.